The idea that resources are finite

The value that people place on a good or service

The satisfaction one receives from making a choice

The satisfaction one gives up from making a choice

Any physical thing with a measurable life span

Non-physical thing that people are willing to pay for

Good with a positive economic cost

Good with no cost

Service with a positive economic cost

Service with no cost

1. Good with a negative economic cost, people pay to remove these from society

Turning nuisance goods into economic goods

1. The idea that something is valuable due to its nature (labor required, scarcity, etc.) 

1. The idea that something is only as valuable as the buyer says it is

Usefulness

Measuring unit of satisfaction

Field of study concerned with the choices made by individual units

Field of study concerned with the large-scale economic choices and issues

The approach of observing economic choices and predicting future economic events

Making value judgments about existing or proposed economic policies